Worldcoin Lands In Singapore After India Hiccup: Can It Regain Momentum?

After a successful launch of World ID 2.0 and the open-sourcing of the Worldcoin iris recognition pipeline in mid-December, the crypto project, co-created by OpenAI CEO Sam Altman, is expanding its reach to Singapore.

The project’s custom hardware device, the Orb, is now available in five locations across the city-state for World ID verifications. This expansion aligns with World ID verifications being made available in Sevilla and Bilbao, expanding the project’s global presence.

World ID Expands Across South America

In South America, World ID verifications have recently expanded in Chile to Concepcion, Curico, and Viña del Mar, joining Santiago. Meanwhile, Argentina achieved a new national record with over 10,000 verifications in a single day, marking a significant milestone for the project.

World ID verifications have launched in Singapore 🫡https://t.co/H71mO2d8gn

— Worldcoin (@worldcoin) December 27, 2023

However, Worldcoin temporarily paused its services in India, France, and Brazil, as reported by TechCrunch. The Worldcoin Foundation cited the need to develop a bespoke, safe, and orderly process to meet the growing demand for World ID in India.

The company aims to relaunch in India in 2024, following the temporary scaling back of Orb-verified proof-of-personhood services.

WLDWUSD currently trading at $3.5641 territory. Chart: TradingView.com

The World ID 2.0 upgrade brings “Apps, Levels, and a series of core improvements” to the protocol. These apps integrate with various services, including Reddit, Discord, Shopify, and others, enhancing World ID integration into everyday applications.

Worldcoin Faces Challenges Amid Expansion Plans

Despite facing criticism and regulatory scrutiny since its launch, Worldcoin continues to push forward with its identity verification services. The project’s specialized hardware, the Orb, enhances identity verification and has garnered attention during a multi-city tour undertaken by the TFH’s product development team in Asia.

However, the Worldcoin token’s price has experienced a recent decline, showing a 5% drop over the past 24 hours and a 3.2% fall on the weekly chart, currently trading at $3.55, data from Coingecko shows.

Despite this, crypto enthusiasts are closely watching the token, anticipating a potential upswing in the wake of the project’s expansion into Singapore and other regions.

Since its inception in 2021, Worldcoin’s identity verification process has attracted over 2 million people before its official launch in July 2023.

Sam Altman. Source: Getty Images

At present, more than 5 million people have created accounts using World ID, representing approximately 0.06% of the world’s population.

Altman faced a brief departure from his position in November, leading to protests and resignations among colleagues at OpenAI before his reinstatement 12 days later.

The interest in Worldcoin is still strong throughout the world, despite recent difficulties and a decline in token prices. Now, the question remains: Can Worldcoin get beyond regulatory scrutiny, negotiate the complexities of various markets, and recapture the initial spark that brought it to the attention of the world?

The answer to this crucial question will probably become clear in the upcoming months as Worldcoin continues to make progress in the rapidly evolving domains of identity verification and cryptocurrencies.

Featured image from Freepik